With a recession on the horizon – or already here, depending on who you talk to – employees are feeling the sting of inflation, and employers are feeling the financial pinch from decreased consumer buying power and increased caution in spending. Traditionally, layoffs are one of the first options to save money, which harms productivity …
Read More...A business owner’s plate is quite full, if not overflowing, from the day-to-day operations to the background necessities like marketing and financial activities. The reality is it’s difficult to do everything and be everyone for your business. Working with an outsourced Chief Financial Officer, or vCFO, could be the right move for your business in …
Read More...Standard accounting has rules and regulations for businesses in every industry. Some industries, like construction, need a more tailored system to understand their business’s financial picture. In addition to accounts receivable, accounts payable, and payroll, contractors must consider job costing, change orders, progress billings, and customer deposits. Construction accounting offers more in-depth options for tracking, …
Read More...The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know. Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their salary …
Read More...The IRS recently released the 2023 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase yearly to account for rising fuel and vehicle and maintenance costs and insurance rate increases. Businesses can use the standard mileage rate to calculate the deductible …
Read More...The following are guidelines for preparation of 1099’s for 2022. As always, we would be happy to prepare these information returns for you, if you wish. We ask that you complete the attached information sheet and return it to us by January 13, 2023 in order for us to meet filing deadlines. We recommend you …
Read More...We have prepared this list of year-end reminders for you. If you would like us to prepare 4th quarter payroll reports, reconciliations & W-2s, please provide the wage information no later than January 9, 2023. This will ensure all W-2’s are provided to your employees by the January 31, 2023 deadline. W-2’s and Wages For …
Read More...The Silent Generation and Baby Boomers are incredibly fortunate generations—and so might be their heirs. Cerulli’s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2021 report predicts these generations will transfer $72.6 trillion in assets to heirs and $11.9 trillion to charities through 2045. That’s a lot of money, and it presents a unique opportunity for Gen Xers …
Read More...Throughout the year, the Federal Emergency Management Agency (FEMA) will designate incidents that adversely affect residents in the affected areas as disasters. This FEMA designation puts relief efforts in motion, both short and long-term. While immediate needs like food, water, and shelter are at the top of the list, long-term efforts, like relief options through …
Read More...On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are important, as they cap the tax benefits that can be realized from retirement plan savings contributions each year and are adjusted to …
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